
(In millions)	June 30, 2026		December 31, 2025
Product inventories
Finished and semi-finished goods	$	2,319	$	2,401
Raw materials	1,695		1,848
Total product inventories	4,014		4,249
Manufacturing supplies and critical spares	511		523
Inventories	$	4,525	$	4,772

We negotiate payment terms directly with our suppliers for the purchase of goods and services. We currently offer voluntary supply chain finance programs that enable our suppliers to sell their Company receivables to financial intermediaries, at the sole discretion of both the suppliers and financial intermediaries. No guarantees are provided by us or our subsidiaries under the supply chain finance programs. The supply chain finance programs allow our suppliers to be paid by the financial intermediaries earlier than the due date on the applicable invoice. Supply chain finance programs that extend terms or provide us an economic benefit are classified as short-term financings. As of June 30, 2026 and December 31, 2025, we had $20 million and $28 million, respectively, deemed as short-term financings that are classified in Other current liabilities. Additionally, as of June 30, 2026 and December 31, 2025, we had $71 million and $73 million, respectively, classified as Accounts payable.

The following table represents a reconciliation of our accrued liabilities related to the discontinuation of certain product lines resulting from the indefinite idling of our Steelton rail production facility and Weirton tinplate production facility:


(In millions)	Employee-Related Costs		Exit Costs		Total
Balance as of December 31, 2025	$	70	$	8	$	78

Cash payments	(13)		(1)		(14)

Balance as of March 31, 2026	$	57	$	7	$	64
Costs incurred1	2		1		3
Cash payments	(12)		(1)		(13)

Balance as of June 30, 2026	$	47	$	7	$	54





1 All $3 million of cost incurred was recorded in Restructuring and other charges.


	Six Months Ended June 30,
(In millions)	2026		2025
Capital additions	$	315	$	281
Less:
Non-cash accruals	(38)		(53)
Equipment financed with seller	11		28
Right-of-use assets - finance leases	33		42
Cash paid for capital expenditures including deposits	$	309	$	264


	Six Months Ended June 30,
(In millions)	2026		2025
Income taxes paid	$	2	$	4
Income tax refunds	(6)		(11)
Interest paid on debt obligations net of capitalized interest1	256		210

1 Capitalized interest was $7 million and $8 million for the six months ended June 30, 2026 and 2025, respectively.